Seeing green: States learn the importance of sales tax
Economic nexus is now pretty much the law of the land for all states with a statewide sales tax....
Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, it can be the leading source of revenue for many departments, comprising 25-35% of a state's revenue.
With the Wayfair decision, many more businesses are now required to collect and remit sales tax. What these businesses don't realize is that due to responsible party laws, a business itself is not the only one at risk. CEOs, CFOs, Directors and other individuals that have influence over a business's tax and accounting process can be held personally responsible for any sales tax shortfalls according to responsible party laws.
Economic nexus is now pretty much the law of the land for all states with a statewide sales tax....